11:51am: The team has announced that a qualifying offer for each player has been officially extended.

11:07am: The Raptors will extend qualifying offers to Greivis Vasquez, Patrick Patterson, and Nando De Colo today, tweetsDoug Smith of The Toronto Star. The players will all become restricted free agents as a result of the offers, giving Toronto the right to match any offers they secure on the open market.

Both Vasquez and Patterson were acquired as pieces in the Rudy Gay trade with Sacramento this season. Vasquez, who has played well as both a starter and backup in his short career, triggered an increased qualifying offer of $4.7MM. Patterson, a steady rotation big who excels as a shooter, will receive a reduced offer at roughly $4.3MM.

De Colo’s offer will be roughly $1.8MM. De Colo arrived in Toronto via a trade deadline deal with the Spurs, and played limited minutes as a backup wing. All three will assuredly seek more lucrative offers from other teams for Toronto to match or decline, as qualifying offers will remain on the table during that process.